The Nation Media Group (NMG), East Africa’s largest independent media house, has quietly reorganised its shareholding structure in a move that has stirred fresh debate over the future of Kenyan media ownership. While the change appears largely procedural, analysts say it could have significant long-term implications for how the 64-year-old media giant operates in an increasingly digital and competitive environment.
For decades, the Aga Khan Fund for Economic Development (AKFED) has been the majority shareholder in NMG, owning just over 54% of the company’s ordinary shares — about 92.6 million shares as of 2024. The rest is held by institutional investors, the public, and pension funds. AKFED’s role has always been central: a stabilising anchor shareholder offering patient capital in an industry notorious for volatility.
In July 2025, AKFED announced that it would transfer its entire stake in NMG to NPRT Holdings Africa Limited, a wholly owned Kenyan subsidiary. The Capital Markets Authority (CMA) approved the transaction in September and granted NPRT an exemption from making a mandatory takeover offer to minority shareholders — a move regulators said was justified since the beneficial ownership remained unchanged.
In effect, AKFED remains in control. What’s new is the vehicle through which that control is exercised — from Switzerland to Kenya.
Why the reshuffle matters
While AKFED described the restructuring as an “internal reorganisation,” market watchers have been quick to interpret its deeper significance. “This isn’t just paperwork,” says Nairobi-based investment analyst Peter Muriithi. “It’s a signal that the Aga Khan wants to localise operations and align more closely with Kenyan regulatory and tax frameworks. It also brings transparency — people can now trace ownership directly through a Kenyan-registered entity.”
Others see it as a reaffirmation of AKFED’s long-term commitment to the region at a time when many foreign investors have been pulling back. “If they were exiting, they’d be selling to an outside buyer,” notes Caroline Wekesa, a media governance researcher at Strathmore University. “Instead, they’ve chosen to double down, which tells you they still believe in the Nation brand and in the East African media market.”
The move also mirrors a wider trend among global investors in Africa: simplifying ownership structures, reducing cross-border bureaucracy, and adapting to changing corporate reporting standards.
Continuity, not upheaval
Inside the company, the message is calm continuity. NMG’s management has emphasised that the reorganisation will not affect day-to-day operations, staff, or editorial policy. The board and executive team remain unchanged, and AKFED continues to provide strategic oversight from its Nairobi and Geneva offices.
> NMG Terminates Contributors Contracts, Leaving Many Journalists Jobless
“This is purely a restructuring of how shares are held,” an NMG spokesperson said during the CMA approval process. “Our mission, governance standards, and commitment to independent journalism remain as strong as ever.”
That continuity could reassure investors, especially at a time when media businesses globally are under pressure. However, some minority shareholders have expressed unease over the CMA’s decision to exempt NPRT from a mandatory takeover offer — a safeguard typically designed to protect smaller investors when control changes hands. Regulators have argued that because AKFED remains the beneficial owner, such an offer wasn’t necessary.
Strategic positioning for a digital era
Beyond governance, the restructuring could give NMG more agility in executing its long-term strategy — especially its push towards digital transformation. The company’s print revenue has continued to decline as audiences migrate online, and competition from social media, digital-native outlets, and influencers intensifies.
> Standard Employees Hit With a Pension Shock
In its half-year results to June 2025, NMG reported lower earnings, citing “a challenging advertising environment” and the cost of sustaining both print and digital operations. Insiders say the company is investing heavily in technology, mobile-first content, and regional reach to maintain its leadership.
“Having a Kenyan holding structure could make it easier to partner with local tech firms or attract domestic investors,” says Wekesa. “It’s a small but smart step in making the group more responsive to local opportunities.”
Safeguarding independence
Still, for many Kenyans, the Nation Media Group is more than a business — it’s a national institution. Every change in its structure raises questions about whether editorial independence might be affected. The Daily Nation, Business Daily, and NTV have built their credibility on tough, public-interest reporting — sometimes at odds with political power.
Observers say there’s no evidence that the restructuring will alter that stance. “Editorial independence is built into NMG’s DNA,” says Prof. David Omwenga, a veteran journalist and media scholar. “The Aga Khan has always supported a model where professional editors, not owners, set the news agenda. That’s unlikely to change.”
Leave a comment